2024-04-06 20:57:59
Finance News Weekly: According to the results of a recent survey carried out by the Ministry of Industry and Commerce, investment spending in the industrial sector has been on an upward trajectory after the Covid-19 pandemic, establishing at 33.9 billion DH (MMDH) in 2022. How do you read this?
Youssef Guerraoui Filali: The investments made in the industrial sector for the year 2022 demonstrate the dynamics experienced by industrial companies for the post-covid period, despite the inflationary effect observed in the same year, i.e. an average annual inflation rate of 6.6%. But the real question to ask is: have the industrial investments of 2022 generated enough employment in the industrial sector? With reference to figures from the Ministry of Industry and Commerce, net job creation in 2022 reached 70,000 positions compared to an annual investment of 34 billion DH. If we want to analyze through a relativity ratio to this envelope, we must invest 485,714 DH in industry to create a single industrial job position. As a result, this indicator demonstrates that investments mainly focused on industrial infrastructure and not on job-generating activities. Indeed, for the 70,000 jobs created in industry, we see that these are essentially the working class and not jobs intended for executives and engineers from universities and major public and private schools. . Moreover, the HCP figures on employment confirm this: we have around 200,000 new graduates seeking jobs per year, and the unemployment rate in the category of young graduates is at 40% for the year. 2022, with an unemployment rate for the same year of approximately 12% at the national level.
FNH: According to the same source, sectors such as chemicals and parachemicals, agri-food and the automobile industry are those which attract the most investment. Why in your opinion?
Y. G. F. : Current industrial dynamics are mainly driven by these sectors, in this case the automobile, food and parachemical industries. First, the automotive sector has experienced real momentum over the past five years, marked by the installation of various foreign manufacturers in Morocco. However, these factories mainly employ labor and export the added value abroad. These business models allow foreign investors to reduce costs and achieve economies of scale for their holding companies. Regarding the other two sectors, food and parachemistry, they are continuing their development since the potential market is very large in Morocco and abroad. However, other sectors are sources of productivity and growth such as renewable energies, digital, subcontracting, health, higher education, among others. Their development is essential because they provide employment positions for young executives and engineers, whether on Moroccan territory, or the African continent and all around the Mediterranean.
FNH: How can Morocco direct these investments towards other sectors?
Y. G. F. : The orientation of investment towards other sectors is dependent on the launch of a new dynamic between the public and private sectors, through the conclusion of a new generation of public-private partnerships (PPP) promoting development and he emergence of companies and startups specializing in the professions of the future, such as high-tech, artificial intelligence, renewable energies, digital health, agro-industry, etc. However, mobilizing the necessary financing is essential. The launch of innovative projects raises the question of financing investment and operating cycles, essentially during the launch of activities, without neglecting continuous technical support allowing access to national markets and international value chains.
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